EUR/USD Long Bearish Wolfe Wave Confirmed

January 20, 2017 13:29

The EUR/USD is slowly moving, waiting for investor action on Trump's speech and inauguration. Due to potential volatility later today we might see investors moving to protect their money. On the EUR/USD intraday chart we see a strict bearish Wolfe Wave with clearly defined 1-3 wave. In Wolfe Wave analysis the wave length is not fixed. This is a January wave and the breakout trigger could happen during the Trump's speech itself. Breakout is triggered at 1.0590 and the target is 1.0536 with the scope towards 1.0460 but only if bearish momentum is too high.

If we see a bullish EUR/USD it will still keep the wave intact. Due to profit taking today, the movement could be two directional so be careful.

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